The UMass Donahue Institute completed an economic contribution analysis of Holyoke’s annual St. Patrick’s Day Parade. The parade, one of the country's largest, generates a total contribution of $20,507,149 in local economic activity, attracting over 400,000 spectators and bringing $12 million into the region through lodging, food, recreation, groceries, gifts and souvenirs, and additional shopping.

UMDI researchers based their analysis on data received from the parade committees and comparative data from two similar events, the American Folk Festive in Bangor, Maine and the Irish Fair of Minnesota. Using the IMPLAN modeling system, a widely used proprietary software that combines U.S. Bureau of Economic Analysis data with regional employment and wage data, they were able to estimate spending patterns, trade flows, and taxes.